Jeddah 12.4.2010: A partnership agreement was signed today in Dubai between the United Arab Emirates and the Islamic Development Bank where UAE will contribute US$25 million while IDB US$10 million to co-finance the activities of the International Center for Biosaline Agriculture (ICBA) up to 2014.
The UAE share will be divided into five installments, US$5 million each, while the IDB contribution will also be in five installments, US$2 million each, for the duration of five years starting 2010.
The agreement was signed by DR. Rashed Bin Fahad, Minister of Environment and Water in the UAE, and Dr. Ahmad Mohamed Ali, IDB President.
ICBA is considered as one of the pioneering project of cooperation and partnership between the UAE and the IDB. It was established in 1996 in Dubai with the aim to serve as an applied research and development centre with its prime focus on saline irrigation water for forages, field and horticultural crops, and trees in arid and semi-arid environments. Major emphasis is placed on serving the IDB member countries.
In addition to the UAE and IDB, ICBA is supported by the Arab Fund for Economic and Social Development (AFESD), The OPEC Fund and IFAD. The IDB has extended a total of US$38 million since its establishment.